HUD Paid an Estimated $413 Million for Unnecessary Preforeclosure Claim Interest and Other Costs Due to Lender Servicing Delays
We audited the U.S.
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HUD Did Not Adequately Administer Its Housing Counseling Program
We performed a review of the U.S.
HUD Did Not Have Adequate Controls To Ensure That Partial Claim Notes for FHA Loans Were Properly Tracked for Future Collection
We audited the U.S.
Towne Mortgage Company, Troy, MI, Generally Implemented Its Loss Mitigation Program in Accordance With HUD’s Requirements
We audited Towne Mortgage Company, a Federal Housing Administration (FHA) nonsupervised lender, as part of the activities in our fiscal year 2018 annual audit plan. We selected Towne Mortgage based on our analysis of risk factors for single-family servicing lenders in Region 5’s jurisdiction.[1] Our audit objective was to determine whether Towne Mortgage properly implemented its Loss Mitigation program for FHA-insured loans in accordance with the U.S.